Insider Selling: John L. Hennessy Sells 20,000 Shares of Cisco Systems Stock (CSCO)
Cisco Systems (NASDAQ:CSCO) Director John L. Hennessy sold 20,000 shares of Cisco Systems stock on the open market in a transaction dated Friday, June 20th. The shares were sold at an average price of $24.72, for a total value of $494,400.00. Following the sale, the director now directly owns 57,396 shares in the company, valued at approximately $1,418,829. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Cisco Systems (NASDAQ:CSCO) traded up 0.49% during mid-day trading on Friday, hitting $24.83. 39,707,996 shares of the company’s stock traded hands. Cisco Systems has a one year low of $20.22 and a one year high of $26.49. The stock has a 50-day moving average of $24.1 and a 200-day moving average of $22.65. The company has a market cap of $127.2 billion and a P/E ratio of 16.67.
Cisco Systems (NASDAQ:CSCO) last issued its quarterly earnings data on Wednesday, May 14th. The company reported $0.51 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.48 by $0.03. The company had revenue of $11.50 billion for the quarter, compared to the consensus estimate of $11.38 billion. During the same quarter last year, the company posted $0.51 earnings per share. Cisco Systems’s revenue was down 5.5% compared to the same quarter last year. On average, analysts predict that Cisco Systems will post $2.04 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, July 23rd. Shareholders of record on Monday, July 7th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 3.06%.
A number of analysts have recently weighed in on CSCO shares. Analysts at Buckingham Research initiated coverage on shares of Cisco Systems in a research note on Thursday. They set a “neutral” rating and a $28.00 price target on the stock. Separately, analysts at Morgan Stanley initiated coverage on shares of Cisco Systems in a research note on Wednesday. They set an “overweight” rating and a $30.00 price target on the stock. Finally, analysts at Deutsche Bank upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, May 27th. They now have a $30.00 price target on the stock, up previously from $25.00. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-three have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $26.28.
Cisco Systems, Inc (NASDAQ:CSCO) designs, manufactures, and sells Internet protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use.
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